Haixin Foods (SZ:002702) Dong Jian Yan Bao·2025-10-30 14:53Group 1: Research Basic Information - The research object is Haixin Food, belonging to the food and beverage industry, and the reception time was on October 30, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Zheng Ming, and Securities Affairs Representative Yang Bin [17] Group 2: Detailed Research Institutions - The reception object type is a securities company, specifically CITIC Securities, and the relevant personnel are Shi Longyang and Xiao Ruihao [20] Group 3: Core Views of the Report - In the face of a challenging consumption environment and intensified industry competition, the company focuses on "improving profit quality" and "enhancing operational resilience." Through strategic adjustments, the overall gross - margin structure in the first three quarters of 2025 has continuously improved, with an increase in the sales proportion of high - margin products and a reduction in the sales of negative - margin products [22] - The improvement in gross margin is mainly due to structural adjustments, including product structure optimization, precise cost control, and lean management on the production side [22] - The常温 leisure food segment is the biggest highlight, with its income in the first three quarters of this year exceeding that of the whole last year and showing significant year - on - year growth. The hot pot ball and slip category shows certain resilience despite a year - on - year decline in income, and the frozen dishes (cold - chain baking) category is in the stage of strategic investment and model exploration [23] - The company adheres to "product - driven + brand - pulling" and launched multiple new products in the third quarter of this year to meet the trends of health and convenience [23] - The growth of the company's leisure food is mainly due to conforming to the "health and convenience" consumption trends and effectively cooperating with mainstream snack chain channels [23] - For the hot pot ball and slip category, the company's strategy is to "stabilize market share and improve product structure" to achieve the dual goals of stable share and increased profitability [24]